West Ham sold for £100m
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*Icelandic banks complete takeover of West Ham* • Zola and Clarke assured of their futures at club • New owners promise investment in new players *West Ham have been taken over by an asset management company, CB Holdings, a subsidiary of its main creditor, the Icelandic bank Straumur. The club had been up for sale but had been unable to find a buyer and the move to Straumur, which was reported to have been owed £100m by the West Ham owner Bjorgolfur Gudmundsson, should safeguard their future.* The new owners have appointed one of their senior directors Andrew Bernhardt as the new non-executive chairman. CB Holdings — the CB standing for 'Claret and Blue' — is a special purpose vehicle, created specifically to take over the running of the club. It is 70% owned by Straumur and 30% owned by three other Icelandic banks — NP, Byr and Landsbanki. The new regime have moved swiftly to assure the Hammers manager Gianfranco Zola and his assistant Steve Clarke that their jobs are safe and that some funds will be made available for transfers. The chief executive Scott Duxbury will also remain at the club. "I am delighted that an agreement has been reached and look forward to working with Scott Duxbury and his team in the coming years," Bernhardt said in a statement. "We have one of the best young management partnerships in Gianfranco Zola and Steve Clarke and the team has evolved with a great mix of experience and young players coming through from the academy. "I can assure fans we will sanction investment in new players, but all within the parameters of sensible budgeting based on revenues generated by West Ham United. It will be my job to help facilitate this continued progress on the pitch, while ensuring the club's success is built on a strong financial footing. The previous owner and chairman Bjorgolfur Gudmundsson, who lost his fortune in the credit crunch, and vice-chairman Asgeir Fridgeirsson have both left the club. "This will allow us all to concentrate on next season and beyond, with Gianfranco Zola, technical director Gianluca Nani and I working to build on what we have achieved. We are all committed to a long-term vision. We are playing great football, have our academy at the heart of the club and are looking to the past to move forward in the right way. I can assure all fans that I will never lose sight of this. I am determined to bring success to West Ham United."
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wa CB holdings sia
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Chee bye holding??? ... knn.. our GIC buy this better right? sure make money one...
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Yeah ah... Actually around S$200m isn't that much to Temasek considering they have been losing in billions these last few months in some Bank shares... West Ham is somemore a London club with good support and playing in the premier league... Just Tv money alone for next year they can look forward to a $30 pounds return liao... And chances are they should remain in the Premiership with the current management team in charge...
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CB Holdings. hehehehe
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YES! i love westham
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walan lelong until like that ? Bo pian , before 6th June they must find a new owner .
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confirm no one in Temasek Holdings are soccer fans... so many clubs that can sure make money they don't want to invest... teams like Aston Villa and Everton are pretty stable... sigh... so many billions lost, they could have invested in Arsenal and confirm make money...
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Originally posted by novelltie:
confirm no one in Temasek Holdings are soccer fans... so many clubs that can sure make money they don't want to invest... teams like Aston Villa and Everton are pretty stable... sigh... so many billions lost, they could have invested in Arsenal and confirm make money...
yea...
they should buy Newcastle last time.
even now also can buy lor!
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New owners would sell Hammers
West Ham's new owners will consider offers for the club if it's in the Hammers' best interests, despite having only just secured a takeover.
Georg Andersen, head of corporate communications at the investment bank Straumur which owns 70% of CB Holdings, said: "Every club is for sale at the right price but we honestly believe that with the market as it is right now it will be extremely difficult to find the right value.
"I'm not going to pretend we are going to own the club forever.
"Our plan is to hold onto the club for a couple of years, or maybe four or five years, until we believe we can get an appropriate price."
It is understood the value of CB Holdings takeover is £110million, or the amount of money Gudmundsson used to buy the club.
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Its understandable cos the previous owner owe them money so got football club to take better than nothing at all right? Take first then later see who wants to buy lor... Sure got takers lah, West Ham is a London club playing in the premier league somemore...
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for a london club.
100m pounds is freaking cheap!
Newcastle in cocacola league and 100million pounds WHOA!!
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temasek should buy it.
then singaporeans who are not supporting any club yet can go national - support west ham.
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Buying BPL clubs is a money losing proposition. Temasek wont buy one lar, as it wants to see its investment grow year by year. buying of players and wages of playing staff already eaten into the profits and revenue earned. if need to expand stadium, evern worse, need to cough up 200-300m pounds.
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you must make sure you win something..... or a club that doesn't uses much resources but stay up on EPL.
clubs like everton isn't bad... low transfer fee spent, wages also low rite?
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you must make sure you win something..... or a club that doesn't uses much resources but stay up on EPL.
clubs like everton isn't bad... low transfer fee spent, wages also low rite?